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High-end speaker company Sonos sets terms of its IPO, could raise more than US$250mln

The consumer electronics company sells wireless speakers ranging from US$199 to US$699
Sonos store
Nearly 14 million shares of the company will be priced between US$17 and US$19

Wireless speaker company Sonos has set the terms for its initial public offering.

The company plans to list on the Nasdaq under the ticker symbol “SONO”, issuing nearly 14 million shares priced between US$17 and US$19. The offer could raise as much as US$266mln.

The consumer electronics company develops and sells wireless home sound systems, including smart speakers, wall mounts, stands and other accessories.

READ: Sonos to make its public debut on the Nasdaq market

Private equity firm KKR currently has the biggest stake in the company with a 26% interest, according to the SEC filing.

Similar to Amazon.com Inc’s (NASDAQ:AMZN) Alexa, its products, like the Sonos One and Sonos Beam speakers, use voice-activated AI systems.

The basic Sonos One wireless speaker costs US$199 but speakers can sell for as much as US$699.

The company estimates that its users listen to an average of 70 hours of content per month.

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